Gold Import News: Now the government has become strict to control the increasing import of gold in the country. The government has recently made the rules regarding import of gold more stringent. DGFT i.e. Directorate General of Foreign Trade has made some changes in its rules. After which now only a maximum of 100 kg of gold can be imported at a time under the Advance Authorization Scheme. Earlier there was no fixed limit regarding this.

Government added new conditions
Under the advance clearance scheme, jewelery exporters are allowed to import gold and other raw materials without paying duty. It is used in making jewelery and other products for export. Now the government has also added many new conditions to this scheme. Any unit applying for the first time will be physically inspected. Through this, it will be checked whether the unit actually exists or not, what is its production capacity and whether it is in working condition or not.

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Report will have to be submitted every 15 days
Additionally, a new import license will be issued only when the concerned exporter has completed exports of at least 50% of the earlier target. The government has also tightened the reporting rules. Now, reports related to imports and exports will have to be submitted every 15 days, which will need to be certified by an independent chartered accountant.

Import duty increased on gold and silver
This decision has come at a time when the government has increased the import duty on gold and silver. The government has increased the import duty on gold and silver from 6% to 15% from May 13. Whereas this duty on platinum has been increased from 6.4% to 15.4%. The government says that due to the ongoing crisis in the Middle East, oil and other imports are becoming expensive. In such a situation, it is necessary to reduce non-essential imports so that the pressure on foreign exchange can be reduced.

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